Henry C. Carey and American Economic DevelopmentThe development of economic thought (ET) of the mid-19th cent. is essentially a history of classical English political economy. The tenets of this school were communicated to the U.S., where the writings of Smith, Malthus, Mill, & Ricardo were adopted by early Amer. political economists. But there was also a strain of political economy in the U.S. at that time that opposed the adoption of the philosophy of classical political economy. This was the nationalistically-oriented Amer. school of ET, & the foremost member of this movement was Henry C. Carey. Contents: Political Economy in 19th-cent. America; A New Methodology & a Theory of Value; Distribution: Labor, Capital, & Land; Institutional Framework; & A Theory of Trade; A Theory of Econ. Develop. |
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Сторінка 23
In the classical model, as a result of diminishing returns, a falling rate of profit,
and a growing population, society would move to a stationary state, where wages
would be at a subsistence level. Carey set out with nearly the same theory of ...
In the classical model, as a result of diminishing returns, a falling rate of profit,
and a growing population, society would move to a stationary state, where wages
would be at a subsistence level. Carey set out with nearly the same theory of ...
Сторінка 25
First, as more and more factors are applied on the intensive margin, diminishing
returns are encountered. As a result, production is moved out along the extensive
margin. As this second movement takes place, land of poorer quality, less fertile ...
First, as more and more factors are applied on the intensive margin, diminishing
returns are encountered. As a result, production is moved out along the extensive
margin. As this second movement takes place, land of poorer quality, less fertile ...
Сторінка 26
His concern was: "when is this point [of diminishing returns] to be reached?"26
Given the technological change, capital accumulation, and factor mobility that he
saw around him every day, he was not the least bit apprehensive. In his day there
...
His concern was: "when is this point [of diminishing returns] to be reached?"26
Given the technological change, capital accumulation, and factor mobility that he
saw around him every day, he was not the least bit apprehensive. In his day there
...
Сторінка 27
Carey's rejection of classical rent was based on two points: the substitution of
increasing for diminishing returns and the historical fact that, owing to the
hazards of developing a new settlement — the problems of clearing the land,
creating ...
Carey's rejection of classical rent was based on two points: the substitution of
increasing for diminishing returns and the historical fact that, owing to the
hazards of developing a new settlement — the problems of clearing the land,
creating ...
Сторінка 31
As we have already remarked, Carey recognized the possibility of diminishing
returns but questioned when they would take effect. The effective supply of land
changes, thereby indicating that a substitution of new land for old has taken place
.
As we have already remarked, Carey recognized the possibility of diminishing
returns but questioned when they would take effect. The effective supply of land
changes, thereby indicating that a substitution of new land for old has taken place
.
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activity agriculture American analysis areas argued argument benefit British Canada capital Carey's cause centralization claimed classical commerce commodities concentration concern considered cost demand determined diminishing distribution domestic early economic economic development economists effect England example exchange existed explain exports fact factors fall farmer follow forces foreign free trade Future given growth harmony Henry Carey higher History Ibid important improve income increase individual industry interests labor land laws less Letter maintained manufacturing means Mill monopoly moved nationalist nature opposed political economy population position Present Principles problem production profits protection protectionist question railroad received regarded regions rejected relative rent result returns rise role sector share Smith Social Science society supply tariff theory of value things thought transportation United wages wealth wrote
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Сторінка 69 - American protectionists often reason extremely ill, but it is an injustice to them to suppose that their protectionist creed rests upon nothing superior to an economic blunder: many of them have been led to it much more by consideration for the higher interests of humanity, than by purely economic reasons.
Сторінка 49 - I believe that the laboring classes generally, in the manufacturing districts of this country, and especially in the iron and coal districts, are very little aware of the extent to which they are often indebted for their being employed at all, to the immense losses which their employers voluntarily incur in bad times, in order to destroy foreign competition, and to gain and keep possession of foreign markets.
Сторінка 49 - ... a great business before foreign capital can again accumulate to such an extent as to be able to establish a competition in prices with any chance of success. The large capitals of this country are the great instruments of warfare against the competing capital of foreign countries, and are the most essential instruments now remaining by which our manufacturing supremacy can be maintained; the other elements — cheap labor, abundance of raw materials, means of communication, and skilled labor...
Сторінка 25 - ... share has increased; and — the total product having largely increased — the augmentation of his quantity is very great. That of the capitalist has diminished in proportion ; but — the product having so much increased — this reduction of proportion has been accompanied by a large increase of quantity. Both thus profit greatly by the improvements that have been effected. With every further movement in the same direction, the same results continue to be obtained — the proportion of the...
Сторінка 47 - The internal competition which takes place, soon does away with everything like monopoly, and by degrees reduces the price of the article to the minimum of a reasonable profit on the capital employed. This accords with the reason of the thing, and with experience.
Сторінка 58 - ... and inconveniency of river navigation, it may frequently be difficult to send this surplus abroad. Abundance, therefore, renders provisions cheap, and encourages a great number of workmen to settle in the neighbourhood, who find that their industry can there procure them more of the necessaries and conveniences of life than in other places.
Сторінка 69 - They believe that a nation all engaged in the same, or nearly the same, pursuit — a nation all agricultural — cannot attain a high state of civilization and culture. And for this there is a great foundation of reason.
Сторінка 58 - An inland country naturally fertile and easily cultivated, produces a great surplus of provisions beyond what is necessary for maintaining the cultivators, and on account of the expense of land carriage, and inconveniency of river navigation, it may frequently be difficult to send this surplus abroad.
Сторінка 42 - They give a new value to the surplus part of the rude produce, by saving the expense of carrying it to the water-side, or to some distant market ; and they furnish the cultivators with something in exchange for it, that is either useful or agreeable to them, upon easier terms than they could have obtained it before.
Сторінка 58 - They work up the materials of manufacture which the land produces, and exchange their finished work, or, what is the same thing, the price of it, for more materials and provisions. They give a new value to the surplus part of the rude produce, by saving the expense of carrying it to the water-side or to some distant market...
Бібліографічна інформація
| Назва | Henry C. Carey and American Economic Development |
| Автор | Rodney Morrison |
| Видавець | American Philosophical Society, 2007 |
| ISBN | 1422374475, 9781422374474 |
| Обсяг | 91 стор. |
| Експортувати бібліографічний опис | BiBTeX EndNote RefMan |